Trade, Commerce, Food Security and Co-operative Development Minister Wasantha Samarasinghe last Tuesday urged Sri Lanka and the Maldives to strengthen their economic partnership by expanding cooperation beyond traditional trade, highlighting significant untapped potential for closer collaboration between the two Indian Ocean neighbours.
Addressing the 18th Annual General Meeting of the Sri Lanka–Maldives Business Council in Colombo, the Minister said institutions such as the Business Council have become increasingly important at a time when the global economy continues to face numerous challenges.
“Calling for a new chapter in bilateral economic relations, Trade, Commerce, Food Security and Co-operative Development Minister Wasantha Samarasinghe last Tuesday said Sri Lanka and the Maldives should move beyond conventional trade and explore new avenues of cooperation to unlock the considerable untapped potential between the two neighbouring island nations,” he added.
“As two small island nations in the Indian Ocean, Sri Lanka and the Maldives have always been close friends and good neighbours. Our relationship goes beyond diplomacy, and we contribute significantly to each other’s economies through trade and tourism,” he said.
Highlighting bilateral trade, Samarasinghe said Sri Lanka exported goods worth USD 132 million to the Maldives in 2025, while imports from the Maldives amounted to around USD 5 million. He noted that insulated wire and cable were among Sri Lanka’s leading exports to the Maldives.
“There have been discussions in the past on how to further strengthen trade relations between our two countries. We should continue those efforts with renewed energy. I also encourage businesses from both countries to think beyond conventional trade,” the Minister said.
He reaffirmed the Government’s commitment to creating a stable, transparent and investor-friendly business environment, stressing that sustainable economic progress depends on strong partnerships between the Government and the private sector.
The Minister identified several sectors with strong potential for expanded bilateral trade, including fresh fruits, wheat flour, vegetables, black tea, tea packaging, electrical conductors, nuts and seeds, as well as processed food products. He also pointed to opportunities for collaboration in the Maldives’ canned fish industry.
On tourism, Samarasinghe said the Maldives ranked as Sri Lanka’s 16th largest source market for tourist arrivals in 2025, with more than 37,000 visitors.
“This is exactly why we need to refocus on sectors such as tourism, hospitality, holistic medicine, education and healthcare,” he said.
The Minister also urged the Sri Lanka–Maldives Business Council to strengthen its engagement with small and medium-sized enterprises (SMEs) and emerging industries, noting that the future of both economies depends not only on established corporations but also on the next generation of entrepreneurs, innovators and business leaders.
Source : Daily News
